Bloom Energy (NYSE:BE) stock is on the move Monday as a new price prediction for the shares comes in from Bank of America analyst Julien Dumoulin-Smith.
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The Bank of America analyst increased their price target for BE stock from $28 per share to $29 per share. Also, it represents a potential 71.8% upside for the stock. In addition to that, it’s above the analyst consensus estimate of $26.93 for the shares.
That new price prediction for Bloom Energy stock also comes with an update. Dumoulin-Smith bumped shares of the stock up from the prior neutral rating to a new buy rating. That matches the analyst consensus, which is made up of one strong buy, seven buys, and seven holds.
So why exactly is the Bank of America analyst taking such a bullish stance on BE stock? There’s a few factors at play that investors will want to know about.
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The first is recent earnings news. The company beat out estimates last week and that was a boon for BE stock. Next up is the company handing off the installation of its fuel cells to a third party. Finally, other cost-saving efforts underway should improve the company’s operating margin, reports Seeking Alpha.
BE stock is seeing heavy trading today on the update news. As of this writing, more than 5 million shares of the stock are changing hands. That’s well above its daily average trading volume of about 3.3 million shares.
BE stock is up 6.2% as of Monday afternoon but is still down 19.6% since the start of the year.
Investors on the lookout for more stock market news will want to stick around!
InvestorPlace has all the latest stock market coverage that traders need for Monday! That includes Rivian (NASDAQ:RIVN) stock price predictions, whyDave (NASDAQ:DAVE) stock is falling, as well as the latest Sea Limited (NYSE:SE) stock news. You can get all of that info from the following links!
More Stock Market News for Monday
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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